Every business owner and leadership team have sat around at one stage or another and contemplated the thought of “what business strategy can we create to increase our bottom line?”.

They may have goals to scale their business, start a franchise program, sell the business, build a legacy or so much more! Regardless of their goals, the topic in discussion today is going to answer the question of how to increase your bottom line and the process is quite simple.

Note that we said simple, not easy. Nothing worth doing will ever come easy, but rest assured, as experts in business consulting and strategy consulting, we have your back.

We will outline the top 3 tips to boost your bottom line and begin to formulate your business strategy.

Now although taking inventory during a stocktake may be a crucial element of some businesses it is not what we’re referring to.

We are referring to taking inventory of your actual business. To assess and be realistic with yourself regarding your situation.

Attention needs to be given to identifying your current position in the market. Where do you sit amongst competitors? What is the demographic your business is appealing to? What are your primary sources of business/customers?

You will also need to determine your true profit and loss.

Throughout our time providing consulting services we have come across businesses without P/L statements, businesses with inaccurate P/L statements and businesses where it is treated as a tick and flick.

The goal for a profit and loss statement is to reflect your bank statement for ‘x’ period.

If the P/L reflects different amounts than what is actualised in your bank account, you are setting yourself up for failure and opening yourself up for greater loss and risk.

Once you have your P/L statement accurate, you will enable your ability to ascertain true margin percentages, acquisition costs, loss percentages, and so forth.

In the interest of transparency, we may be just a little bit biased on this topic, however, our bias does not come without great reasoning and rational thought.

We have all experienced it, working on a task or project and then suddenly, our flow state ends or is interrupted and we can no longer bring ourselves back into thought to continue.

The next step is typically to get out of your chair, get some water, take a bathroom break, stretch your legs, or perhaps revisit the task in the following days.

And once we return, in almost all cases we can come back with new and fresh ideas along with a perspective we did not have previously while working so close to it.

Unfortunately, for many business owners and people in leadership roles, there is no time or room for them to step away from the business/work to gain a new and refreshed perspective.

They are stuck in the day-to-day grind of working in the business to be able to take a moment and focus on the business.

Our goal at MJM Business Consulting is to be a fresh perspective in your business and provide our support through a substantial suite of consulting services.

For us to successfully develop your growth strategy we work closely with our clients to establish their larger vision.

The business strategy consulting process is tailor-made depending on the areas of opportunity your business wishes to address.